MANILA -The Philippines’ deficit in the trade of goods shrank some more by 21 percent year-on-year to $4.4 billion in May when the imports bill fell sharply while exports increased moderately, data at the Philippine Statistics Authority show.
Preliminary data at the Philippine Statistics Authority show that while the trade gap improved significantly, two-way traffic of goods in May decreased by 5.1 percent to $17.3 billion from $18.2 billion a year ago.
Last May, export receipts rose by 1.9 percent to $6.4 billion from $6.3 billion in the same month of 2022.
Meanwhile, imports fell by 8.8 percent to $10.8 billion from $11.9 billion.
Monthly readouts have been receding amid concerns of a global economic slowdown and dampened demand for goods.
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PH trade deficit shrank 14.9% in April, says PSA